BURLINGTON — The mayor of Vermont’s largest city says a deal to refinance a $14.6 million wastewater bond will save Burlington taxpayers millions of dollars in interest payments over the next 20 years.

And Mayor Miro Weinberger said the deal announced Thursday signals the state of Vermont’s recognition of the city’s improved financial management.

Weinberger said the deal was the city’s first sale through the Vermont Municipal Bond Bank Bond general bond pool.

The city said that without the bond bank, the city would have had to seek alternative funding at higher interest rates, which could have resulted in up to $4.8 million in additional interest spending over 20 years.